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Corsa Coal narrows FY16 loss, expects to raise coal output in 2017

8th March 2017

By: Creamer Media Reporter

     

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JOHANNESBURG (miningweekly.com) – TSX-V-listed metallurgical, thermal and  industrial coal producer Corsa Coal has narrowed its net loss for 2016 to $34.14-million, compared with the loss of $152.99-million in 2015.

Adjusted earnings before interest, taxes, depreciation and amortisation improved to $6.63-million, compared with $5.36-million the year before.

The company sold 669 000 t of metallurgical coal and 235 000 t of thermal coal in 2016.

It expects to raise metallurgical coal production to between 1.33-million and 1.48-million tonnes and thermal coal output to between 625 000 t and 725 000 t this year.

Production is expected to start at Corsa’s Acosta Deep mine, in Pennsylvania, in the second quarter of this year. The mine is set to produce 400 000 t/y of metallurgical coal once fully operational.

The company is also evaluating other mines in its portfolio for additional growth opportunities.

It has also added a mining crew at its Quecreek mine, in Pennsylvania, and upgraded mining equipment at its Casselman mine, in Maryland, which should contribute to higher production levels in future.

Edited by Creamer Media Reporter

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